Kraken To Expand Operations In Indian Crypto Market As RBI Curbs Lifted
U.S.-based cryptocurrency exchange Kraken is mulling its expansion to India after the Supreme Court of India struck down the Reserve Bank of India’s curbs on cryptocurrency services in the country.
The San Francisco-based crypto-exchange said it had served the Indian market with a full suite of exchange products, including spot, derivatives and futures. However, the hostile environment for digital assets had limited the exchange’s development.
Kraken said it will “recommit resources to grow its service in the region through new features and offerings.” However, it is yet to announce the details of the plan.
The RBI had restricted banks and financial institutions from providing accounts or other banking services to individuals or entities dealing with crypto assets like bitcoin. The RBI had imposed the ban in April, 2018, but it was effective from July 2018.
The ban was eventually challenged at India’s top court through the crypto industry supporting association named the Internet and Mobile Association of India (IMAI) and a group of petitioners. The ban was lifted earlier in the month.
Following the lifting of curbs, two of the country’s major cryptocurrency exchanges, Unocoin and WazirX, were the first to begin operations, within the next two days.
Meanwhile, the RBI revealed its intention to appeal against the decision of India’s top court, claiming that the trading of cryptocurrencies pose a risk to the banking system.
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